How Beginners Can Make the Most of Bitcoin

Despite the buzz around Bitcoin, its acceptance by merchants has been relatively slow. In fact, in some cases, such as games and gift cards, you may be left out in the cold.

However, there’s no reason to worry! If you’re new to Bitcoin and want to get on top of things quickly, this post will serve as a guide on how beginners can start using Bitcoin.

This article will go over the basic steps beginners should take when starting out with their first coin, but first, why should someone start using Bitcoin?

Online casinos

Gambling is an industry that adapts and innovates constantly. It is one of the first sectors to embrace Bitcoin and offer players to sign up for Bitcoin live casino games. There are benefits to online players, such as:

  • anonymity
  • quick and secure transactions
  • low transaction fees
  • the ability to gamble from anywhere in the world
  • borderless transactions

Needless to say, there are plenty of online casinos that accept Bitcoin.

More retailers are accepting Bitcoin

More online retailers are accepting Bitcoin every year. If you’re looking for a wide range of products that can be purchased with Bitcoin, check out Overstock. You can also convert Bitcoin into fiat currency by using a virtual debit card. You can also purchase Amazon gift cards using Bitcoin and other cryptocurrencies.

Bitcoin Wallet

To start using Bitcoin, you first need to have a place to store it. This is a very easy process and the article will walk you through it below:

Step 1: Go to Blockchain.info (or any other wallet site) and create your wallet.

Step 2: Enter the address (your email) you want your coins sent to and click ‘Get My Address’

Step 3: You can now do what is called “receiving” coins by giving someone your wallet address or having them scan your QR code that appears on this page.

Transaction Fees

When sending or receiving bitcoins, you are expected to pay a transaction fee. This is usually a fixed amount that is calculated by the number of new bitcoins being sent per minute. If you’re sending from one wallet to another, there is also no charge for convenience. The minimum sum of transfer fees required is fixed every 15 minutes at a sum of 0.0001 BTC/MB (this is an average from the different Bitcoin payment networks).

When sending to an external Bitcoin address, you will be presented with a QR code. You can use this code to scan the details of your transaction or send the details by copying it. The Bitcoin network will automatically find the fastest route for your payment. The network is global and therefore has no boundaries or limits.

Mobile Wallets

The popularity of mobile wallets is growing due to their ease of use and ability to send you notifications about transactions in real-time. Multiple options are in development for users who want to use mobile wallets such as Electrum, Multibit HD, Breadwallet, and Mycelium.

Hopefully, this guide has helped you understand the basics of using Bitcoin. There are no doubt more benefits to Bitcoin, such as the possibility of it being accepted by merchants. However, most people don’t want to sell their Bitcoin when they have a wallet set up. Therefore, you should also be able to use your Bitcoin wallet in exchange for traditional currency.

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